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We begin with another week of trading. Last week we had a somewhat sideways trading in the US market. Let's see what this week brings us.
With the S&P 500 trading very near to all time highs, we are actually running into resistance area. Therefore, one should expect some choppy trading ahead in the next few days to a week.
However, we should still remain bullish on the US market especially now that we are slowly heading into November. The S&P 500 is forming a large ascending triangle which is a bullish continuation pattern. As long as it stays above the lower trend line we should continue to be bullish.
If the S&P 500 can trade above the top of the pattern then we will experience a breakout that might send the markets higher.
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